Temenos Advisory and its CEO Ordered to Pay More Than $2 Million

Posted on July 1st, 2020 at 3:51 PM
Temenos Advisory and its CEO Ordered to Pay More Than $2 Million

From the Desk of Jim Eccleston at Eccleston Law LLC:

Final judgment has been entered against Temenos Advisory Inc. and its former CEO George Taylor, the SEC announced.  The SEC had charged Temenos and Taylor with putting investor funds in unsuitable investments and concealing commissions. In total, Temenos and Taylor are ordered to pay more than $2 million. The entry of judgment concludes a case that began with the SEC charging Temenos and Taylor in July 2018.

According to the SEC, Temenos and Taylor put more $19 million of investor funds in four risky, illiquid private securities.  These investments were made without conducting due diligence or disclosure of the risks, according to the SEC. Temenos and Taylor are also alleged to have concealed the high commissions they received from these investments. Furthermore, the SEC alleged that Temenos and Taylor significantly overbilled some of their advisory clients.

The money Temenos and Taylor are ordered to pay is made up of civil penalties, disgorgement, and prejudgment interest. Temenos is ordered to pay a civil penalty of $775,000, disgorgement of $758,137, and prejudgment interest of $56,706.  Meanwhile, Taylor is ordered to pay a civil penalty of $179,618, disgorgement of $321,956, and prejudgment interest of $22,358.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston, eccleston law, temenos, george taylor, sec

Return to Archive

TESTIMONIALS

Previous
Next

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

June 9, 2023
Retrospective Review Deadline Approaching

The deadline for completing the initial retrospective review required by the Department of Labor (DOL) is quickly approaching.

June 8, 2023
Former David Lerner Branch Manager Receives FINRA Sanctions for Supervisory Lapses

The Financial Industry Regulatory Authority (FINRA) imposed a one-month suspension and a $5,000 fine on former David Lerner Associates branch manager Rande Aaronson.

June 7, 2023
SEC Files Fraud Charges Against Financial Advisor for Exploiting Elderly Clients

The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.